Posted on 05/15/2023 5:42:11 AM PDT by Oldeconomybuyer
ANN ARBOR, Mich. (AP) — With new and used cars still painfully expensive, Ryan Holdsworth says he plans to keep his 9-year-old Chevy Cruze for at least four more years. Limiting his car payments and his overall debt is a bigger priority for him than having a new vehicle.
A 35-year-old grocery store worker from Grand Rapids, Michigan, Holdsworth would probably be in the market for a vehicle within a few years — if not for the high cost. For now, it’s out of the question.
“You’re not going to get one for a price you can afford,” he said.
Holdsworth has plenty of company. Americans are keeping their cars longer than ever. The average age of a passenger vehicle on the road hit a record 12.5 years this year, according to data gathered by S&P Global Mobility. Sedans like Holdsworth are even older, on average — 13.6 years.
Blame it mainly on the pandemic, which in 2020 triggered a global shortage of automotive computer chips, the vital component that runs everything from radios to gas pedals to transmissions. The shortage drastically slowed global assembly lines, making new vehicles scarce on dealer lots just when consumers were increasingly eager to buy.
Prices reached record highs. And though they’ve eased somewhat, the cost of a vehicle still feels punishingly expensive to many Americans, especially when coupled with now much-higher loan rates.
Since the pandemic struck three years ago, the average new vehicle has rocketed 24% to nearly $48,000 as of April, according to Edmunds.com. Typical loan rates on new-car purchases have ballooned to 7%, a consequence of the Federal Reserve’s aggressive streak of interest rate hikes to fight inflation.
It’s all pushed the national average monthly auto loan payment to $729 — prohibitively high for many.
(Excerpt) Read more at apnews.com ...
DISAGREE-—ENTIRELY——TOO DELICATE-—TOO TOUCHY
I have a 1976 1 ton Chevy dually & a 1979 Buick station wagon.
Combined mileage==over 569,000.
Both were bought used & both are easy to repair.
It costs more today for the HEADLIGHT BULB in one side of the new cars than it costs me for 2 fuel pumps. Buick==$22 Truck == $26. Neither install is long or tricky-—mounted on engine block.
My 2004 Chevy Avalanche has only 97,000 miles on it.
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So have you replaced the dash or put some type of skin on it? Replaced the door handles?
Keep the frame clean and it’ll last for ever. They get sand and other debris in the frame but it never comes out. It’ll rust out by the rear control arms. Use those same holes to rinse the frame out and it’ll all find it’s way out with the water
I know there are ways to polish the plastic headlight covers.
The point is not to be cheap but to achieve excellence. New head lights are not all that expensive and the change in appearance is dramatic.
Great gas mileage on that 4 cylinder version. Just slow for highway merging and towing. Money-saver tho.
Pro tip: When it gets the low rpm engine stall do this:
Remove the air intake to expose the brass ‘butterfly valve’ of the air intake. Look for brown residue around the intake infront of the valve. Take carb cleaning spray. Start the engine. At idle have someone rev the engine a little (1500rpm) and spray all. around the intake. If the engine stalls, just restart and continue. Do the carb spray + paper towel wiping until the valve and intake are clean. Done. I usually get about 50K miles between cleanings.
Good luck, have fun, great car.
My wife’s BMW is like driving a smart-phone/tv. I’m still driving my 20-year-old Chevy S10 ZR2 with roll up windows. Lol.
THE bulbs are about $40 each——That is expensive in my world.
Mine is a 2007 with 300,000 miles.
I’m hoping I can keep it for a few more years.
Oh, important: the paper towel wiping of the inside of the air intake is with the engine off. That’s done first. Then start and spray to complete the cleaning.
FJ 2009 280,000
Kia Mojave 2010 80,000(poor man’s Land Cruiser)
Nissan Altima 2008 hot rod 170,000
Dodge 1500 crew 2007 300,000 new crate motor and factory trans
No new cars for me it’s ridiculous the cost now
I'm no expert, but I'd say that a family earning the median U.S. household income can avoid a new car payment completely just by not buying a new car on time.
I am looking at buying a 2004-2009ish Mercedes SL 500 or 550.
There are plenty around with mileage between 44-60K. They can be bought from $12K-22K depending on the year and mileage.
I currently drive a 2012 Toyota Tacoma. The best vehicle I have ever owned. In 11 years I have put virtually nothing into it. So, I do not want to sell it. Plus, I need a truck to drive in the winter in NH.
Any advise on MB from that era I would appreciate.
Our Lexus ES300 will be 20 years old this summer, and we spend a few thousand $’s a year on upkeep.
My wife still loves it, and we get offers all the time.
One son got 2 early inheritances on a 20 year old OJ Simpson
Bronco and the first year Honda Ridgeline pickup. He was going to sell the Bronco, now he has a new job requiring about 4 miles to and from work.
He spent a couple of K to get the Bronco smogged and in shape. So, he is driving it to his new work place. It uses about a gallon for 2 round trips to work. The drive is like driving in a Kamikazi race. He feels safer in the Bronco.
His wife will drive the Honda Pickup and pass her 10 year old mid size car to a daughter. The daughter lives near our son’s worksite and has minimal traffic as she drives in the opposite direction. She uses about a quarter of a tank of gas driving to her jobsite and back.
They had looked at new vehicles and the prices would have bankrupted them.
They have a great repair guy in his mid 50’s.
those were all less than 5 year old diesel dually’s.. I missed a good one I should have grabbed at $43K . Someone came in an bought all 4 of them.
The prices seemed to skyrocket in just the last 2 months
The fuel pump is inside the gas tank of an F-250, as you no doubt know, and apparently the fuel-level sensor is built into the pump. So far, the pump itself works fine but the check engine light comes on if I get much below a half tank, then resets after filling up. Not worth dealing with yet.
Yes agreed, I was looking at a newer 1 ton in the 2012-2019 range and the prices are insane and go any older it is hard to get financing on and with the mileage could well run into major repairs and still have a payment so if I put $5000 into the one I have still come out ahead.
The GOVERNMENT is not stupid. It/They are intentional.
“I see no need to update to a new one that is simply a computer designed to look like a vehicle...”
Agree totally. Have heard enough horror stories about the new features that can go wrong and interfere with other features making the car unusable.
Sheet.....I own a 1961, and a 1998. Still driving......
Just put new injectors in my 2006 ram. 200.000 miles. It was back breaking work, but truck should make it another 200,000.
Will probably out live my Wife’s 2018 Cummins. Scary under the hood of that truck.
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